Kingsview Wealth Management LLC Sells 6,309 Shares of Snap-on Incorporated (NYSE:SNA)

Kingsview Wealth Management LLC reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 75.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,004 shares of the company’s stock after selling 6,309 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Snap-on were worth $580,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in shares of Snap-on during the second quarter worth approximately $30,000. Reston Wealth Management LLC bought a new stake in shares of Snap-on during the 3rd quarter valued at $30,000. Innealta Capital LLC acquired a new position in shares of Snap-on in the 2nd quarter valued at $32,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 44 shares during the period. Finally, Quarry LP increased its holdings in Snap-on by 244.7% in the second quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after purchasing an additional 115 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SNA. Barrington Research raised their target price on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Tigress Financial upped their target price on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Robert W. Baird lifted their price target on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Roth Mkm boosted their price target on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Bank of America raised their price objective on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $345.40.

Insiders Place Their Bets

In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the sale, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares of the company’s stock, valued at $18,460,167.21. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,531 shares of company stock valued at $6,628,691 in the last quarter. 4.10% of the stock is currently owned by insiders.

Snap-on Stock Down 0.6 %

Snap-on stock opened at $369.23 on Thursday. The company has a 50 day moving average of $321.25 and a 200-day moving average of $289.52. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89. The stock has a market capitalization of $19.39 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 2.45 and a beta of 0.96.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.58 by $0.12. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. On average, equities research analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be paid a $2.14 dividend. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date is Thursday, November 21st. This represents a $8.56 annualized dividend and a yield of 2.32%. Snap-on’s payout ratio is presently 44.06%.

Snap-on declared that its board has authorized a share buyback plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.